Crude Oil is trending lower after a strong open and may extend losses further into the evening session. WTI Crude Oil is trading at 61.41, up 0.26% currently whereas Natural Gas is down about half a percent at 2.68 currently.
OPEC and US shale oil producers are expected to meet at the annual CERAWeek energy conference in Houston and rumours of a coordinated effort between both the players are unfounded and the conference is expected to be uneventful.
OPEC has been critical to the oil market since 2016 when they decided to cut production and exports in a bid to reduce the global supply glut and support prices whereas the increasing US production has been a major cause of concern. On the data side, builds in oil and byproducts storage in the US along with an increase in oil rigs has forced some profit booking in prices last week.
Technically, the short-term picture calls for further upside in Crude Oil but chances of a minor pullback cannot be ruled out and a buy-on-dips strategy may be considered. On the downside, support comes into play at 3940 and then further lower at 3840 whereas, on the upside, resistance is seen at 4030 and then further higher at 4085crude oil price, Crude Oil Trend Today, Copper Intraday Tips Copper Tips Free Copper Tips Today Crude Intraday Tips Crude Oil Intraday Tips Crude Oil Tips Free Crude , Oil Tips
OPEC and US shale oil producers are expected to meet at the annual CERAWeek energy conference in Houston and rumours of a coordinated effort between both the players are unfounded and the conference is expected to be uneventful.
OPEC has been critical to the oil market since 2016 when they decided to cut production and exports in a bid to reduce the global supply glut and support prices whereas the increasing US production has been a major cause of concern. On the data side, builds in oil and byproducts storage in the US along with an increase in oil rigs has forced some profit booking in prices last week.
Technically, the short-term picture calls for further upside in Crude Oil but chances of a minor pullback cannot be ruled out and a buy-on-dips strategy may be considered. On the downside, support comes into play at 3940 and then further lower at 3840 whereas, on the upside, resistance is seen at 4030 and then further higher at 4085crude oil price, Crude Oil Trend Today, Copper Intraday Tips Copper Tips Free Copper Tips Today Crude Intraday Tips Crude Oil Intraday Tips Crude Oil Tips Free Crude , Oil Tips
